Tencent Tech, 6/13/17

Shenzhen-based Letuhui Technology, operator of mobile electric vehicle rental platform PonyCar, has completed RMB 150 mln in Series B funding from Huiyou Investment Mangament and handset vendor Oppo. The funds have already been received by the company, according to PonyCar founder Liu Yixun.

According to PonyCar spokesperson Lin Zhongjie, PonyCar calculates the cost of a trip according to the mileage plus time spent. Daytime trips are calculated at RMB 0.78 per kilometer + RMB 0.12 per minute, while trips between 8:00pm and 8:00am are calculated at RMB 0.78 per kilometer + RMB 0.02 per minute.

Currently, PonyCar's profit model is primarily based on deposits, car rentals, and advertisements on the body and interior of cars.

PonyCar is currently concentrated in Shenzhen and Guangzhou, and has already put 2,000 cars into circulation in addition to hundreds of car-charging outlets. Each car generates approximately RMB 150 in revenue per day.

Users can find nearby vehicles through the platform's mobile app or public account on Tencent's (0700.HK) WeChat mobile messaging app, and can then reserve and rent vehicles by the hour.

Editor's Note: Chinese media organization 36Kr (link in Chinese only) reports that China Peakedness also participated in PonyCar’s Series B funding round. 36Kr said that PonyCar will now work to enter Beijing and Shanghai, as well as 10 second-tier cities.